Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain.
Bitcoin is unique in that there are a finite number of them: 21 million.
coins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services.
[17] As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.[18].
NOTE: WARNING: Before attempting to invest in any cryptocurrency, please thoroughly research the asset and its associated risks. Specifically, cryptocurrencies opposite of Bitcoin, such as Ethereum or Litecoin, may be extremely volatile and subject to rapid price fluctuations. Investing large amounts of money in these types of assets can lead to significant losses. Additionally, certain cryptocurrencies may be subject to additional regulatory scrutiny or laws which could affect their ability to be traded or used for transactions. Please consult with a financial advisor before investing in any cryptocurrency or digital asset.
What is the opposite of Bitcoin?
The opposite of Bitcoin would be a centralized digital currency, with a central bank or single administrator, that cannot be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions would not be verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain.
Bitcoin would not be unique in that there are a finite number of them: 21 million.
Coins would not be created as a reward for a process known as mining. They could not be exchanged for other currencies, products, and services.
[17] As of February 2015, over 100,000 merchants and vendors would not accept bitcoin as payment.
10 Related Question Answers Found
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